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Iraq Kurdish oil deals must comply with
new law
7.7.2007
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July
7, 2007
Baghdad, -- Iraq's oil minister said on
Friday that oil contracts concluded by the Kurdish
regional government must be amended to conform with
a controversial new draft oil law approved by the
Baghdad cabinet.
"There is a clear provision in the draft law stating
that the contracts concluded either by the former
regime (of Saddam Hussein) or in Kurdistan must be
reviewed and amended in keeping with the new oil and
gas law," Hussein Shahristani told the Dubai-based
Al-Arabiya news channel.
He said that once reviewed, the contracts must be
put to a federal oil and gas council envisaged in
the legislation "or to the council's consultancy
office."
"If they (the deals) conform with the provisions of
the law, they will be approved. If they violate them
they will have to be amended to become compatible
with the law," Shahristani said.
His remarks appeared to represent a climbdown from a
warning he issued in May that any oil contracts
signed by northern Iraq's Kurdish regional
government before the new law is passed would be
considered invalid.
They came amid a chorus of Sunni Arab, Kurdish and
Shiite opposition to the draft oil law backed by
Washington, an amended version of which was approved
by the Iraqi cabinet on Tuesday and sent to
parliament.
The proposed legislation has sparked a heated debate
among Iraq's warring communities over provisions
opening the oil sector to foreign investors and
allowing regional authorities to negotiate
contracts.
The Kurds have demanded that the law accommodate
contracts they have already signed with foreign
companies to exploit oil in northern Iraq.
Iraq has proven reserves of some 115 billion
barrels, but since the US-led invasion which toppled
Saddam Hussein in 2003 production has tumbled from
3.5 million barrels per day to around two million.
AFP
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